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SEC Charges Former Innospec CEO For Role In Iraq Bribery Scheme

DOW JONES NEWSWIRES The U.S. Securities and Exchange Commission charged a former chief executive at Innospec Inc. (IOSP) with allegedly approving bribes to government officials in Iraq to obtain and retain business. The agency alleges Paul W. Jennings first learned of the chemical company's practice of paying bribes to win orders for sales of tetraethyl lead in 2004 while serving as chief financial officer. After becoming chief executive in 2005, Jennings and other Innospec managers allegedly approved bribery payments to officials at the Iraqi Ministry of Oil in order to sell the fuel additive to Iraq refineries. According to the SEC's complaint filed in District Court for the District of Columbia, Jennings allegedly played "a key role" in Innospec's bribery activities in Iraq and Indonesia. For example, the SEC alleges Innospec made payments totaling more than $1.6 million and promised an additional $884,480 to Iraqi Ministry of Oil officials. It was further alleged Jennings signed documents where he falsely stated he complied with Innospec's Code of Ethics incorporating the company's Foreign Corrupt Practices Act policy. Jennings has consented, without admitting or denying the SEC's allegations, to the entry of a final judgment, and will disgorge $116,092 plus prejudgment interest of $12,945. He will also pay a penalty of $100,000 that takes into consideration Jennings's cooperation in the matter. The charges against Jennings are the third enforcement action against an Innospec individual involving bribery allegations. The company itself last year pleaded guilty to bribing Iraqi officials and violating the U.S. embargo on Cuba as part of a $40.2 million global settlement. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Innospec Inc. (IOSP)
DateTimeHeadline
07/07/201506:19:15Current Report Filing (8-k)
06/08/201506:33:04Current Report Filing (8-k)
06/04/201507:27:33Statement of Changes in Beneficial Ownership (4)
06/01/201507:17:40Specialized Disclosure Report (sd)
05/20/201509:01:54Initial Statement of Beneficial Ownership (3)
05/19/201508:40:44Statement of Changes in Beneficial Ownership (4)
05/12/201508:56:01Statement of Changes in Beneficial Ownership (4)
05/08/201507:37:42Current Report Filing (8-k)
05/07/201506:13:25Current Report Filing (8-k)
05/06/201516:44:05Quarterly Report (10-q)
05/06/201506:32:51Current Report Filing (8-k)
05/05/201516:30:00Innospec Reports First Quarter 2015 Financial Results
05/05/201513:03:20Amended Statement of Ownership (sc 13g/a)
05/01/201504:46:43Innospec Coverage Initiated by Analysts at Singular Research...
04/07/201510:30:00Innospec Schedules First Quarter 2015 Earnings Release and Conference...
03/20/201506:21:00Additional Proxy Soliciting Materials (definitive) (defa14a)
03/20/201506:15:38Proxy Statement (definitive) (def 14a)
03/19/201509:28:29Amended Statement of Changes in Beneficial Ownership (4/a)
03/19/201509:06:03Statement of Changes in Beneficial Ownership (4)
03/12/201513:50:31Amended Statement of Changes in Beneficial Ownership (4/a)

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